Your Credit Score - Bad Credit No Credit Auto Loans in OttawsBad Credit No Credit Auto Loans in Ottaws

Your Credit Score

Your credit score is basically a number between 350 and 850 determined by a credit reporting agency.  The higher the number, the better your credit, which means a lower interest rate for your vehicle loan.   The following things will lower your credit score:

  • Missed or late payments on credit cards or any other type of loan
  • The number of credit accounts you have and how long you’ve had them
  • The age of your credit report
  • The number of inquiries made by applying for credit (a few inquiries a year is acceptable)
  • Write-offs and proposals
  • Public records such as liens, judgments, and bankruptcies
  • Credit utilization of available funds (how much of your credit limit you’ve already utilized)

A credit score of 650 or higher is considered ideal and you can qualify for a prime interest rate for a used vehicle loan, and most prime customers do not need to provide proof of income.

A credit score of 550 – 650 is considered for a sub prime interest rate (which is a bit higher than the prime interest rate).  Proof of income may be required.

A credit score lower than 550 is NOT considered by the banks.  We will get you the financing you need from our sub-prime lenders.  We have an extensive pool of sub-prime lenders that will provide financing for your next used vehicle loan.

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